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Aussie

AUDNZD: A Buy Setup Targeting the Previous HighLast week, AUDNZD has reached a new high at the 1.1100 level. The trend of AUDNZD is persistent; when the price has reached a new high, that means the trend will not easily reverse for a period of time. Therefore, we are looking for buy entries to capture any retracement from the previous high. The price has retraced to 1.0980 level,which is the previous resistance level from where the price broke up. From the 1.0980 level, we can see that the price has formed a double bottom pattern, followed by the price breaking the neckline area. Then, we can see that the price further broke the descending trend line. Therefore, a strong bullish momentum has taken place at this level. We are waiting for the price to retrace to the neckline area. From there, we will enter buy positions and target the recent high of 1.1100 level
Long
by NicoBeau_Capital
Pound vs. Aussie - Short Term Swing Trading Idea - 7 May 2022FX:GBPAUD is at the end of the correction phase and start forming good price action for the next week. Potential is over 250 pips to the zone of 1.7680. What is the supported thesis for the expected future uptrend on GBPAUD: - By Elliot waves price correction formation is symmetrical A-B-C - Symmetrical by a time A-C wave is a big indication that is corrective - MACD goes into negative territory and once dig for dipper correction will start the attack in green territory - Big bounce near 4.25 year low If you have any questions related to this trading idea I will be happy to provide you with answers.
Long
by TradingTie
While Aussie Finishing Correction, Stocks Approaching SupportHello traders and investors, today we want to update SP500 and AUDUSD charts, as we see them finishing a correction and approaching strong and important support zone. As you can see on the left correlation chart between SP500 and AUDUSD pairs, always when Aussie finds the support, we see SP500 stabilization. Well, if we take a look on the right Aussie chart from Elliott Wave perspective, we can clearly see a corrective movement, ideally a complex (W)-(X)-(Y) decline. We are already tracking final wave (Y), but it has to be finished in three legs A-B-C and as you can see, wave C of (Y) is still missing. From technical point of view, ideal support for SP500 here around 4000 level, maybe slightly lower, while Aussie may retest 0.68 support zone before we will see a bullish reversal. So, if we are on the right path, then stocks might find the support soon, as we see Aussie in final stages of a corrective decline, where final leg may also occur as a spike down like back in March 2020 and January 2019. Happy trading! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast